Bitcoin

In July, the U.S. added 114,000 jobs, but the unemployment rate went up to 4.3%. This increase in unemployment has led to speculation that the Federal Reserve might lower interest rates soon. If the Fed cuts rates in September, it could help boost Bitcoin’s price, which is expected to be between $61,000 and $70,000 in August.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/b9949548c8be46a1b297c3d5c3892377.png" />The rise in job mismatches and more people joining the workforce are contributing to higher unemployment. These issues add to economic uncertainty, which could affect <a href="https://cryptosheadlines.com/bullish-future-for-shib-and-floki-in-current-market-conditions/" rel="noopener noreferrer nofollow">market conditions</a> and investment decisions.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/ddfaa8a0337248ed98576e55e33e96a8.png" /><h3 id="u-s-jobs-report-fuels-rate-cut-and-bitcoin-speculation">U.S. Jobs Report Fuels Rate Cut and Bitcoin Speculation</h3>The latest U.S. <a href="https://cryptosheadlines.com/bitcoin-and-ether-surge-after-positive-jolts-jobs-report/" rel="noopener noreferrer nofollow">jobs report</a> has stirred up discussions as employers added 114,000 jobs in July, but the unemployment rate surged to 4.3%. This increase has led to speculation that the Federal Reserve might consider cutting interest rates at their next meeting, which could potentially boost Bitcoin’s price.Jag Kooner, Head of Derivatives at Bitfinex, noted that while the job numbers indicate some economic strength, there are ongoing fears of a recession due to high lending rates and rising unemployment. The 4.3% unemployment rate might trigger the Sahm Rule, a recession indicator. However, Kooner mentioned that this rule may not be as reliable post-pandemic because of the unique conditions in the labor market.Additional factors contributing to the unemployment issue include increased labor force participation, especially among immigrants, and a mismatch between job seekers and available jobs. The inverted yield curve, another recession signal, adds to the economic uncertainty. Despite a rise in layoffs, they remain low historically.The Federal Reserve has <a href="https://cryptosheadlines.com/european-central-bank-ecb-maintains-interest-rates-bitcoin-price-finds-relief/" rel="noopener noreferrer nofollow">maintained high interest rates</a> to combat persistent inflation, but with softening economic signs, there is growing speculation about a possible rate cut. If the unemployment numbers suggest that inflation is under control, a rate cut in September might be on the horizon.<a href="https://cryptosheadlines.com/crypto-price-update-bitcoin-surge-solana-etf-and-major-altcoins/" rel="noopener noreferrer nofollow">Also Read: Crypto Price Update: Bitcoin Surge; Solana ETF and Major Altcoins</a><h3 id="market-outlook-bitcoin-s-bullish-prospects-and-fed-rate-cut-speculation">Market Outlook: Bitcoin’s Bullish Prospects and Fed Rate Cut Speculation</h3>The recent U.S. jobs report has set the stage for potential bullish news for Bitcoin. A possible Federal Reserve rate cut in September is seen as favorable for Bitcoin, which could strengthen its bullish outlook.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/ddfaa8a0337248ed98576e55e33e96a8.png" />For August, the market may experience low liquidity due to the summer season. Altcoins are showing significant buy walls at lower price ranges, with Bitcoin expected to trade between $61,000 and $70,000. This price range could be an ideal zone for accumulation.Jag Kooner, Head of Derivatives at Bitfinex, believes that a rate cut will boost market confidence and increase liquidity, leading to more ETF inflows as <a href="https://cryptosheadlines.com/doge-and-shib-investors-seek-new-opportunities/" rel="noopener noreferrer nofollow">investors seek opportunities</a> in a favorable environment for risk assets.Currently, market confidence remains high despite potentially negative news like the Mt. Gox distribution, <a href="https://cryptosheadlines.com/german-lawmaker-criticizes-governments-bitcoin-sale/" rel="noopener noreferrer nofollow">German government sales</a>, and recent significant on-chain movements. These events have not significantly impacted Bitcoin’s price.Jag emphasizes that <a href="https://cryptosheadlines.com/fed-chair-powells-remarks-boost-btc-spot-etf-flows/" rel="noopener noreferrer nofollow">remarks from Fed Chair Jerome Powell</a> regarding inflation and economic growth will be crucial. If Powell comments on persistent inflation or slow economic growth, it could alter <a href="https://cryptosheadlines.com/dogecoin-founder-discusses-openai-coup-and-future-expectations/" rel="noopener noreferrer nofollow">expectations for future</a> rate decisions.Powell has suggested that a rate cut could be considered for the September meeting, and financial markets are now almost certain of a rate cut. However, the Fed will base its decision on data, particularly inflation trends, seeking evidence that inflation is moving back towards their 2% target before making any cuts.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/b7b334d3ae48491ba5d58e829760abab.png" />Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.Join Cryptos Headlines <a href="https://linktr.ee/cryptosheadlines.com" rel="noopener noreferrer nofollow">Community</a>Follow Cryptos Headlines on <a href="https://news.google.com/publications/CAAqBwgKMLz3-wowvuzoAg" rel="noopener noreferrer nofollow">Google News</a>

U.S. Job Report and Its Potential Impact on Bitcoin

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